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Asset protection planning is an important step in the process of planning for the future of your loved ones. Regardless of your age and current health condition, a Denver asset protection planning attorney can assure proper asset protection planning ensuring that your spouse, children, or other surviving loved ones will have financial support when you pass.
Call Colorado Estate Matters today for a free consultation at (303) 713-9147.
Asset protection involves protecting your assets, including investment accounts, real estate, and other property, from litigation and seizure by creditors.
There are different types of asset protection plans, some of which are better suited to certain financial situations than others. By creating an appropriate asset protection plan for your situation, you can still retain control over your assets while safeguarding them from creditors and judgments.
There are a number of different asset planning tools and options that are available. The right one for you depends on your financial situation, your needs, and your wishes for the future. Some of these can include (but are not exclusive to): domestic and foreign asset protection trusts, credit shelter trusts, special needs trusts, and discretionary trusts.
Also known as by-pass trusts or family trusts, these trusts can shelter or protect certain assets from federal estate taxation obligations.
With a special needs trust, the trust’s assets can be used to offer financial support to loved ones who may have physical or mental impairments without compromising these individuals’ eligibility for essential government benefits.
These types of trusts give a trustee discretionary power over how and/or when to administer the trust. The trustee also determines whether and how to distribute the trust’s assets.
From revocable living trusts to irrevocable trusts, there are various other types of trusts that can offer a broad range of asset protections to beneficiaries while limiting their potential costs – including in terms of future tax obligations – in the future.
Creditors can garnish assets for several reasons:
Although Colorado does not support the creation of self-settled Domestic Asset Protection Trusts (DAPT), irrevocable trusts established by a third party are another type of asset protection trust that could shelter assets from creditors.
If distributions are subject to the trustee’s discretion, then the assets are generally well-protected, even if the trustee is the beneficiary and if the trust includes standards of distribution such as those based on health. However, mandatory distributions may not be afforded the same protections from creditors.
Some professions carry a high degree of liability; professionals in some fields are more likely to be sued by a disgruntled customer or business associate. Doctors, lawyers, or small business owners may have their personal assets seized to settle a business-related lawsuit.
This is especially likely if they don’t have adequate malpractice insurance or if they didn’t set up their business in a way that protects their personal assets, like in an LLC.
Our Denver asset protection planning attorneys create for high-risk individuals lawsuit protections including:
The Colorado Estate Matters estate planning attorneys help you select the right tools to preserve your assets and provide for your family. Part of this process will include looking at your potential tax liability and taking advantage of new and changing IRS tax exemptions. We will use a combination of multiple tools and strategies that are suitable to your financial needs and wishes.
Individuals with high net worth, or those anticipating high estate taxes, can benefit from asset protection to reduce their estate tax bill. The applicability of certain asset protection plans and the extent of the tax protection will depend on the specifics of your situation.
Asset protection ensures that family wealth remains in the family. A dynasty trust may be used to provide for the trustee’s children, grandchildren, and great-grandchildren with legal protections in place that shield the bulk of the assets in the trust from being spent unwisely.
At Colorado Estate Matters, our team works closely with you to develop a valid plan to meet your financial goals, including setting up trusts and other protections for your heirs. When we understand your intentions, we can better identify which legal structures can best accomplish them.
The best time to start working with a Denver asset protection planning attorney is now. Your lawyer will ask questions about your family wealth, investments, liability risk, and financial goals. They will then utilize trusts and other protective devices that will help you meet your goals. Preparing today will help you enact the right protections for your loved ones.
Our skilled asset protection planning lawyers bring a thoughtful approach to our client’s estate planning needs. We help our clients and their families find the best asset protection solutions. This means that our clients can always count on us to provide them with:
Our estate planning attorneys in Denver, CO, are skilled at using various traditional and innovative strategies and tools to create solutions specifically tailored to our client’s needs and objectives. Our goal is to help our clients efficiently navigate the complexities of the law. So they can develop effective, prudent solutions that will protect them, their assets, and their families in the future.
You can learn more about your asset protection options by attending an initial consultation with one of our attorneys at Colorado Estate Matters, Ltd. To schedule this meeting, call (303) 713-9147 or email us using our convenient online contact form.